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Reliance, Petrobras Mull Petchem JVs in Brazil (Update)

11:54 AM MDT | August 26, 2008 | Deepti Ramesh and Kara Sissell

Reliance Industries is in talks with Brazilian oil company Petrobras to set up two petrochemical joint ventures in Brazil, which could involve a total investment of up to $6 billion, according to Brazilian press reports. Reliance is considering petchem investments with Petrobras in the Northeast Pernambuco state, where Petrobras’s chemical subsidiary Petroquisa has plans to invest $500 million to build a 640,000-m.t./year purified terephthalic acid (PTA) plant. Petrobras said last year that construction has already begun at Pernambuco and that the plant is...

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